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Sunday, September 1, 2013

Eleven payday lenders to stop offering short-term loans in USA

Eleven payday lenders to stop offering short-term loans in USA

Eleven payday lenders have decided to stop offering short-term loans since the Office of Fair Trading told firms to clean up their act, and the regulator is still waiting for 22 to respond to its ultimatum.

The OFT started writing to the 50 biggest companies in March, after a year-long review of the sector revealed widespread bad practice resulting in cases of irresponsible lending and difficulties for borrowers.